NORTHERN S.S. COMPANY.

New Zealand Herald, Volume LIX, Issue 18105, 1 June 1922, Page 5

NORTHERN S.S. COMPANY.

YEAR'S PROFITS £12,097. SEVEN PEB CENT. DIVIDEND FALLING-OFP IN TEADE. The annual meeting of shareholders of the Northern Steamship Co., Ltd., was held in the company's office, Quay Street, yesterday. The chairman of directors, Mr. C. Rhodes, presided, and there was a-.*->?. large attendance of shareholders. -■-- The report of the directors stated that the net profit of the working account for the year ended March 31, after making provision for insurance, depreciation, and boiler and repairs account, was £12,097. The balance brought forward from April 1. 1921, was £3460, while transfer fees amounted to £7, making/a total, of £15,566. The directors recommended that this sum be appropriated as follows: — Payment of a dividend at the rate of 7 pei cent, per a-mum, half of which was paid to shareholders in November, 1921, totalling £11,298, leaving a balance of £4267 to be carried forward. The chairman, in moving the adoption of the report and balance-sheet, said the boiler and general repair work for the year 5-ad been very heavy, amounting to £43,230, an actual record, chiefly for labour spent in Auckland. The company's fleet was now in its normally good condition, and the directors were convinced that the figure at which it stood in the books represented a thoroughly sound asset. Income tax payment for the year amounted to £5385, which, in comparison to the dividend of £11,298, showed to what extent, even on, a poor year, the State participated in the profits of such companies. Decrease in Volume of Trade. Owing to the strenuous times through which the Dominion was passrig, said the chairman, the year had nob passed without much anxiety as to the results of the 12 months' operations. The volume of trade on the coast had very materially decreased, and there had been a I lessening in freight carried by the company's vessels during the year, compared with the previous year, of no less than 14,000 tons. The passenger traffic had suffered in a similar manner, and comparisons between the same years showed a decrease of some 11,000 ordinary passengers, plus fully as many more holiday excursionists. This in itself was a clear indication of the depressed period through which we were . passing. The country settler had felt tha pinch of reduced prices for hi? pixxiucts, and his spending power had bean curtailed, which had reacted on the company's volume of cargo. Again, prudence had evidently prompted, the public not to travel with the same frequency as here r ' tofore, and the holiday pleasure-seekers of the city had not been able to so often' indulge in the excursions offered by .the company. On the other hand, he continued, the company, as yet, had received no relief in the cost of running the vessels as regards wages, and but little in fuel. The ~. employees all last year were working under agreements made during the latter portion of the war period, some of which had not yet expired, and others were only now being superseded by new awards. To meet such a position, the company, like other shipping companies,. . had found it necessary to revise timetables and curtail steamtirs' runnings, with a result that to-day the company had no less than nino vessels out of commission. In such adverse conditions it had not yet been possible to reduce fares and freight tariffs, wh : .ch the .-directors were most anxious to do in order to meet the demands of the company's clients, many of whom- it was recognised, were having an equally hard time. Ho Serious Disasters. ~ ■ ■ During the year the company fortn r nately bad ho 'serious marine or fis?e disasters. A fir?/ broka oat on the Ngapuhi while in Calliope Dock, but was soon suppressed by the crews of H.M.S. Chatham and Philomel, together with the Devonport Fire Brigade. The Rimu suf- , fered some' damage, up to say £500 Worth, due to rough weather on the West Coast, but no lives were lost. The however, regretted having to report- the death of Mr. C. Hargraves, bargeman on the Rotckohu, who was accidentally knocked overheard and drowned. These three accident? were covered by the com- , pany'a insurance fund, and the claims being rather less than usual the insur v ance accounts. this year showed some little increase in their balances. During: the past year the third storey to the consr pany's building had been completed, and an up-to-date laundry plant installed on the top floor. With this plant, the washing and mending of the fleet wae being done, thus effecting some saving. The company's new vessel, the oil scow Otimai, was proving a most useful type of cargo freighter, particularly where passenger boats were not required. At the end of last July Mr. Charlea. Hanson retired from the position of mana- '... ger after nearly $A years' faithful and devoted service to the company. Captain R. C. Hammond, the assistant manager, - was appointed to succeed. Mr. Hanson, and the directors already had every reason to believe that he would serve them very well. Captain Charles Hopkins, one' of the company'« oldest masters,, passed;. away during thu year at the ripe.age of 75 years, and -after 33 years of faithful service. The officers and engineers, both ashoie and 'afloat, deserved a word of commendation, for it was due to their indivitdual and joint efforts in contact with; the public that work had gone on. smoothly and safely. Undoubtedly £helr> loyal co-operation,/with the manager, and the manager's loyalty to them, spelled ' success to the company. _; The motion was seconded by Mr. WV _ Duncan, and carried unanimously. Messrs. M. A. Clark, N. Alfred Nathan and G. T. Niccol, the retiring directors, • were ro-elected. The retiring auditors,. Messrs. W. W. Bruce and G. O'Halloran,, were reappointed. A vote of thanks was passed to the directors, manager, and, staff, ashore and afloat.